Berlin-based Sanity Group, a medical cannabis and wellness company, has completed what it is calling the largest round of cannabis financing in Europe to date.
The round was led by Calyx, a European cannabis-focused investment fund, and HV Holtzbrinck Ventures, Sanity said in a news release.
The cannabis company – founded in 2018 by Fabian Friede and Finn Age Hänsel – said it plans to deploy the funds to improve access to medical and medically-related cannabis products.
Sanity says it aspires to become a market leader in the German and European markets.
“Sanity Group is not only investing in the wholesale of medical cannabis but also in research, internationalization, drug approval, alternative dosage forms and the use of cannabinoids for wellness products, including cosmetics,” Managing Director Hänsel said in the release.
Its two business units include:
- Sanatio, a medical cannabis importer and distributor.
- VAAY, a wellness brand that offers different CBD products.
Germany is the largest European medical cannabis market, and will remain totally dependent on imports until at least the end of this year.
Several importers and distributors were responsible for importing 6,714 kilograms (14,802 pounds) of medical cannabis flower in 2019, primarily for pharmacy dispensing.
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